Press release
American Battery Technology Company Releases Fiscal Year 2023 Financial Summary
Company makes significant progress towards commercialization of first integrated lithium-ion battery recycling facility and of first commercial-scale lithium
About this update from American Battery Technology Company
[{"type":"text","content":"Company makes significant progress towards commercialization of first integrated lithium-ion battery recycling facility and of first commercial-scale lithium hydroxide refinery\nRENO, Nev., Sept. 28, 2023 /PRNewswire/ -- American Battery Technology Company (ABTC) (NASDAQ: ABAT), an integrated critical battery materials company that is commercializing its technologies for both primary battery minerals manufacturing and secondary minerals lithium-ion battery recycling, announced fiscal year (FY) 2023 financial results for the 12 months ended June 30, 2023. \n\n \n \n \n \n \n \n\n \nABTC is in the unique position of addressing domestic critical battery material challenges through both the implementation of its first-of-kind lithium manufacturing from primary domestic claystone resources as well as of its first-of-kind integrated lithium-ion battery recycling operations. The company's FY2023 financial report shows continued and accelerated advancement of bringing new, domestic battery metal products to market in collaboration with the company's strategic partners. Fiscal year 2023, and following into its yet completed first quarter of fiscal 2024, have been a foundational year for the company as it has remained diligently focused on accelerated commercialization and long-term sustainable growth to operationalize its first-of-kind low-environmental-impact technologies within the lithium-ion battery recycling and primary battery metals manufacturing sectors.\nKey financial highlights and milestones from fiscal year 2023 include: \nABTC purchased a move-in ready commercial-scale battery recycling facility and has used this facility to implement the first installment of its internally developed integrated lithium-ion battery recycling processing train. On August 11, 2023, the company closed on the acquisition of this facility and will present these deposits as property, plant and equipment for the fiscal quarter ending September 30, 2023.Cash used for investing activities for the fiscal year ended June 30, 2023 totaled $36.7 million, an increase of $21.6 million when compared to the prior fiscal year. Investing activities include $21.9 million of cash used for the purchase of its new recycling facility and additional equipment in northern Nevada.In the first half of the fiscal year, ABTC was selected for a competitive U.S. Department o...